Did you know that Anthony Bourdain's will revealed that the celebrity chef and author had an estate of only $1.21 million? Estimates of the TV star's worth had been around $16 million, which made the revelations from his will even more startling. This is an example of how sudden death can uncover some very big surprises when it comes to an estate.
You shouldn't procrastinate when it comes to planning your estate. However, the process can seem long and protracted when you get into your estate lawyer's office and face a bevy of questions. Sometimes, it can even feel like these questions are doing nothing more than keeping you from writing your will, but this interrogation has a purpose. And if you try to skip this process, your beneficiaries could be the ones to pay the price.
When it comes to leaving behind a legacy for your family and friends, estate planning is often the most powerful way to ensure your wishes are followed. But that plan has to be robust, and it has to account for every part of your financial life. Otherwise, creditors can make claims on your estate, and potentially keep your beneficiaries from receiving what was bequeathed to them.
When it comes to planning your estate, preparation is always advised over procrastination. However, one California media mogul may be taking preparation to a whole new level His estate issue could be heading to court long before he actually passes away.
Did you know that when your estate goes into probate it automatically loses value? Depending on the estate, that loss can be an estimated five percent. Your estate can also wind up tied up probate courts for years depending on your family circumstances and the strength of your planning. So, how do you make a strong estate plan that can keep these events from happening?
They may not be people, but we do consider them family. Dogs, cats, birds and other pets that we feed and nurture can become a big part of our lives. But what happens when these loyal companions outlive us? Is there any way for us to secure care for them in our estate plans?
Most courts will assume that a grown adult has the ability to make one's own financial decisions. However, if an adult becomes incapacitated, a court can direct the appointment of a conservator. A conservatorship refers to a court decision where a person or an organization known as the conservator is elected to watch over the financial affairs of a person. It is important in these situations to know when the court creates a conservatorship and under what circumstances.
One benefit of having a trust is the fact that each trust can be unique and flexible to a person's needs at that time. Some trusts can hold a limited amount of property and must be terminated a short time after the grantor's death. Other trusts can hold millions of dollars worth of property and can provide assets to beneficiaries for many years. The amount of administering a trust requires can vary according to different factors, such as the type of trust, the number of beneficiaries, the amount of property in the trust, and much more.
Estate planning can produce many different legal disputes since there are usually so many different people involved in a will or trust. One very important group of people that are vital to any estate planning will are the beneficiaries to that will.
Estate planning is extremely important, but it can get quite complicated since there are so many different terms and concepts to understand. Many people get confused about the difference between a power of attorney and an advance care directive. This is because, at first glance, these two estate planning tools seem like they offer the same exact benefits, but this is not necessarily the case.
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